Knowing Your Score

knowscoreThere is a lot of buzz about knowing your credit score.  That buzz can be misleading because there is no one credit score for each person.

There are many different credit scoring models that co-exist in the marketplace including generic scores, proprietary lender scores, industry specific scores and educational scores. A number of the scores available for purchase are considered educational and do not coincide with the exact scores that a creditor will obtain when you apply for credit.

Typically you have to pay a nominal fee to get a score generated from your report.  Federal law entitles us all to one free report each year from the three major bureaus, Equifax, Experian, and TransUnion, but it doesn’t provide for a free credit score.

Buying all your different scores would be expensive, not to mention the time involved in tracking down all the different models and their uses.  So, which score should you know? And, do you really need to know all those numbers?

Learn more about credit scores in our new project, Credit Scores: You Do the Math
Underwritten by:experian_logo

  Dorm Insurance Needed?

Tuition and a dorm room are not the only expenses you face when your child goes off to college. A personal computer, CD player and small appliances as well as clothes and jewelry are common items in a student's dorm room, but what about insurance for these valuables? While your homeowner’s insurance policy may cover part of the items’ value, it may not be adequate in case of theft or damage. Check with your insurance agent to determine the exact amount that would be paid if there were a loss. If additional coverage is needed, you can take out a renter's policy to cover the contents of the dorm room or apartment. A list of property and receipts showing purchase price of new items should be kept in a safe place in case they are needed to support an insurance claim. Keep in mind that most policies pay the depreciated cost, so you may want to add a replacement coverage endorsement to your personal property coverage.
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